Sen. Browne proposes such a product protecting consumers by providing tiered credit options to assist borrowers in transitioning to longer term products and resources. His legislation includes safeguards that cap the number of consecutive loans a person could take, ban rollover loans, limit indebtedness and establish a real-time compliance verification system as well as a requirement of consumer credit counseling. In addition, the proposal would provide for the offering of longer term installment products as borrowers successfully satisfy shorter term products, thereby increasing their creditability and options in the credit marketplace.

I commend Sen. Browne for his efforts to reform this industry, provide more credit options to Pennsylvania consumers, create stable jobs and deliver an economic shot in the arm to the Lehigh Valley economy.